It has been said that the “NFT for Britain” promised by the current British prime minister, Rishi Sunak, while he was chancellor would still be executed, despite the imminent collapse of the digital crypto artwork market.
According to a report by inews on October 27, sources suggest that Mr Sunak’s NFT proposal has not been cancelled, despite being six months late and with no updates on the project. Mr Sunak is now the Prime Minister.
Non-fungible tokens, often known as NFTs, are blockchain-based digital representations of works of art. In April, when Mr Sunak was still chancellor, he declared that the Treasury would join the then-popular NFT trend, which saw a number of firms and celebrities establish crypto-art collections.
The Treasury said at the time of the announcement that Sunak had “requested the Royal Mint to design an NFT” that would be released by the summer to “demonstrate the forward-thinking approach we are committed to take towards crypto assets in the UK.”
The Royal Mint, which told inews it is “working to create our initial NFT series” but did not clarify what this would include, continues to be responsible for developing the NFT. A firm representative added, “We will provide further information in due time.”
The Treasury Department has declined to comment on the present status of the NFT project, although insiders claim that it is still in development and has not been quietly cancelled. The Royal Mint is anticipated to cover the project’s expenses “completely from its own resources.”
Notably, Finbold revealed the NFT monthly trading volume fell for the sixth consecutive month in September, falling 97% from its all-time high. In the third quarter of 2022, sales of NFTs on OpenSea, the main marketplace for digital collectables, decreased by 60% compared to the second quarter. At the end of August, it was also discovered that the amount of NFT trading on OpenSea had decreased to its lowest level in a year.
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